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The exit of Harry Koorstra is clear negative, brokerage Rabobank said in a note. "Koorstra was an excellent executor on the strategic, political and negotiating front. Given the difficult situation around pensions, restructuring and labour unions, his departure raises the risk for PostNL," it said. Rabobank rates the shares at hold with an EUR5.20 target price.

Another brokerage KBC Securities said the loss of Koorstra could dent the business in the short-term. The challenges the business faces include getting its parcels and international activities back to profitability, a return to a cash dividend, and the restructuring of the Dutch Mail activities for future growth, it added.

PostNL's share were sharply down in early trade Friday and at 1017 GMT were trading 3.8% lower at EUR4.04, by far the worst performer in Amsterdam's benchmark index AEX, which was up 0.7% at that time.

In a statement issued by the company after the stock market closed on Thursday, Koorstra was quoted as saying: "The cooperation with the Supervisory Board has been very cumbersome of late, amongst others in relation to differences in opinion about how to serve best the various stakeholders' interests. Under these circumstances, given the challenges the company faces, I cannot and will not work. I am leaving without any compensation as I consider principles to be of paramount importance."

Koorstra wasn't available for further comment.

Koorstra was due to retire in April next year. He will be succeeded by Herna Verhagen, PostNL said.

Verhagen is member of the management board and responsible for the parcels and international division. She was a candidate to succeed Koorstra after his retirement.

PostNL was founded in May last year after a split of TNT Express NV's (TNTE.AE) express and cargo delivery services operations.

U.S. delivery firm United Parcel Service Inc.
UPS, -0.11%
intends to buy TNT and PostNL has said it will sell its remaining 29.9% stake in TNT Express to UPS.

In February PostNL warned that it expects further declines in its operating income this year, as it sees a drop in volumes of addressed mail of between 6.5% and 8.5%. PostNL processes 8.7 billion addressed postal items --including 106 million parcels -- each year and delivers to addresses in the Benelux, Germany, the U.K. and Italy.

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